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Roche: Oddo raises target price

( - Oddo reiterates its "underperform" rating on Roche shares, although has increased its target price for them from 290 Swiss francs to 330 Swiss francs.

The broker says that the group's "solid" H1 results reflect the strong sales momentum from recent launches (+30% in H1) and a diagnostic business driven by Covid tests (+2.5 billion Swiss francs in additional sales).

However, the lack of visibility on the evolution of cases as well as the impact of biosimilars is leading Roche to maintain its annual guidance for 2021.

The market remains primarily focused on the company's pipeline and especially on the expected results of gantenerumab in Alzheimer in mid-2022, Oddo says: it adds that an approval of gantenerumab ahead of the results seems unlikely.

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